Bajaj Finserv — Q4 FY25
Bajaj Finserv reported a steady Q4 FY25 with consolidated total income up 14% YoY to INR 36,596 crore and PAT up 14% to INR 2,417 crore.
neutral
medium
✓ Verified against BSE filing
Claim Ledger
Did management answer the analysts?
Every material analyst question, graded on whether management actually answered it — with the verbatim exchange and quantitative claims checked against filed numbers.
58%Questions answered2Evaded / deflected12Questions audited
Partial answer
High priority
Will BAGIC increase retention given strong capital and CBR rule changes?
Asked by Avinash Singh, Emkay Global
Acknowledged possibility but gave no quantitative commitment or timeline.
no specific retention targetvague on timing
Read the exchange
Question
Do you see yourself kind of changing your retention strategy or increasing your retention going forward?
Tapan Singhel, MD & CEO, Bajaj Allianz General Insurance
If the CBR rule changes, if the fact gets more difficult, we have enough to be able to retain also, and we have enough underwriting competence...
Partial answer
High priority
What product mix and VNB margin trajectory for Bajaj Life?
Asked by Avinash Singh, Emkay Global
Gave directional view but no specific margin or mix numbers.
no numeric guidancequalitative only
Read the exchange
Question
What kind of a product mix and corresponding the transition of VNB margin do you see from here onwards?
Tarun Chugh, MD & CEO, Bajaj Life
We expect hence the VNB margin trajectory to be far more steeper and hence a higher growth in VNB margin versus what you would see in the revenue side.
Partial answer
Medium priority
Why is BAGIC loss ratio benign? Reserve releases and expense increase?
Asked by Swarnabh Mukherjee, B&K Securities
Explained expense ratio but did not answer reserve release question.
did not address reserve releases directlyblamed mix
Read the exchange
Question
I just wanted to understand the combined issue outcome because the loss ratio has been benign... If you could give some comment on that.
Ramandeep Singh Sahni, Group CFO, Bajaj Finserv Limited
What you're seeing as elevated combined ratio is actually an outcome of GWP not being there in the quarter because of the 1/n regulations...
Evasive
Medium priority
How much crossover is baked into BALIC's VNB margin?
Asked by Swarnabh Mukherjee, B&K Securities
Did not address the crossover element; deflected by saying all overruns are accounted.
claimed not to understandno specific answer
Read the exchange
Question
I wanted to understand that right now, how much of crossover is baked into the margin?
Vipin Bansal, CFO, Bajaj Life
All the overruns are accounted when we report our VNB and margins. I did not understand the question...
Partial answer
Medium priority
What is the nature and profitability of Bajaj Health's international business?
Asked by Swarnabh Mukherjee, B&K Securities
Described strategy but gave no quantitative profitability or claims data.
no profitability numbersqualitative only
Read the exchange
Question
Just wanted to understand our nature of offerings here, who would be the customers... and whether the claims outcome is unfavorable.
Devang Mody, CEO, Bajaj Finserv Health
Our aim will be to convert that transaction volume into capabilities, which we can probably offer to international insurers...
Partial answer
High priority
How will BALIC's AP and VNB growth pan out in FY26-27?
Asked by Madhukar Ladha, Nuvama Wealth Management
Gave directional expectation but no specific growth rates.
no numeric guidancequalitative only
Read the exchange
Question
Moving on into FY 2026, FY 2027, how do you see AP growth and VNB growth panning out?
Tarun Chugh, MD & CEO, Bajaj Life
You should expect overall for us a higher growth in VNB in this coming year. I think that is the message I would like to leave you with.
Answered
Medium priority
What caused operating variance and assumption changes in BALIC's EV?
Asked by Madhukar Ladha, Nuvama Wealth Management
Specifically attributed variances to persistency and surrenders, ruled out mortality/expenses.
Read the exchange
Question
On the variances, operating variance and assumption change, I understand all of this is related to persistency, or is there any other element?
Vipin Bansal, CFO, Bajaj Life
There were fewer new segments... some of them have produced a little lower persistency... On the ellipse side also... we have seen some surrenders...
Answered
High priority
Why is BAGIC's GWP growth slow and losing market share?
Asked by Madhukar Ladha, Nuvama Wealth Management
Provided segment-level market share comparison and explained reasons for lower share in specific lines.
Read the exchange
Question
If you look at GWP growth, it is a little bit slower. I am guessing we are losing out on market share... Some color around market shares would be helpful.
Tapan Singhel, MD & CEO, Bajaj Allianz General Insurance
If you look at the year-end number... if I adjust for the segment-wise number... it would be that the only two lines of business where our share would be lower... crop insurance and... capital business...
Answered
High priority
How will the flavor of insurance businesses change after buying 100%?
Asked by Manish Dhariwal, Fiducia Capital Advisors
Listed specific strategic opportunities like GIFT City, pension, international foray.
Read the exchange
Question
How would the flavor of these two businesses undergo a change?
S Sreenivasan, President of Insurance and Special Projects, Bajaj Finserv Limited
We now have at 100% a lot more leeway to look at strategic opportunities... we can look at the pension business... international foray...
Evasive
Medium priority
When will Bajaj Health become meaningful on the balance sheet?
Asked by Manish Dhariwal, Fiducia Capital Advisors
Did not provide any timeframe or financial target; reframed to qualitative value.
no timelinedeflected to value creation
Read the exchange
Question
When are you seeing this to emerge and a meaningful business... where the numbers actually make an impact on the balance sheet?
Devang Mody, CEO, Bajaj Finserv Health
Number relevance is a matter of spreadsheet work. What we are focused on is that we add value to Indian ecosystem...
Answered
Medium priority
What is BALIC's largest bancassurance partner contribution?
Asked by Umang Shah, Banyan Tree Advisors
Provided specific percentage.
Read the exchange
Question
What would be how much of our AP would be coming from the largest bancassurance partner that we work with?
S Sreenivasan, President of Insurance and Special Projects, Bajaj Finserv Limited
The largest one contributes to about 22% of our business.
Partial answer
Medium priority
How confident is BAGIC that 25% tender-based business will repeat?
Asked by Sanketh Goda, Avendus Spark
Explained it's normal for a large player but gave no assurance of repeat level.
no specific retention probabilitygeneralized
Read the exchange
Question
I just wanted to understand how confident you are that this business, this 25% of your business, will repeat again next year.
S Sreenivasan, President of Insurance and Special Projects, Bajaj Finserv Limited
If the market tender-based business is close to about 30%-35% business, and you have a 25% tender-based business, I think perfectly fine...